Here’s a special Bundil update from
Shark Tank Bundil Update
- Entrepreneurs: Dmitri Love
- Business: Cryptocurrency investment app
- Ask: $100,000 for 10% equity
- Result: $100,000 for 50% equity
- Shark: Kevin O’Leary
With a couple of subscription plans, Dmitri reveals how Bundil makes money through the mobile app. Users have the opportunity to subscribe for $3 per month or purchase an annual plan for $24 per year. He also revealed the three cryptocurrencies his app supports, featuring Bitcoin, Ethereum, and Litecoin.
Before even discussing the concept of cryptocurrency, Lori Greiner already had her doubts. She rapidly dropped out because she claimed that cryptocurrency may not be the shining future that everyone else thinks it is. Mark Cuban dropped out for different reasons, but mainly because he believed he had a conflict of interest with one of his own companies.
With that being said, there were still three sharks remaining for Dmitri to try and strike a deal with. Unfortunately, Daymond John was also quick to end negotiations because he believed the company was too early in its development to be investable.
Kevin O’Leary decided to make an offer to Dmitri, offering him $100,000 for half of the company. Dmitri was concerned that Kevin might not put additional money into the company in the future, if it is needed but appeared to consider the offer from Kevin. He ultimately accepted $100,000 for 50% equity in his company but did so very reluctantly.
Now for our Bundil update after
In addition, thousands of new banking firms are now compatible with the mobile app for deposits and withdrawals. While the company is still in business, Dmitri hasn’t managed to generate substantial amounts of annual revenue. There’s still potential to grow in the future and it appears that Dmitri does have his business on a reasonable trajectory for long-term success. I guess we will find out in our next Bundil update.
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